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The Takeover Of Metastable Capital By Dragonfly

The takeover of Metastable Capital by Dragonfly (formerly Dragonfly Capita) has been revealed. As of the time of writing the sum paid by Dragonfly for…

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The takeover of Metastable Capital by Dragonfly (formerly Dragonfly Capita) has been revealed. As of the time of writing the sum paid by Dragonfly for the purchase is unknown.

According to a blog post on August 15, 2022, Dragonfly has also changed its logo and removed the word “Capital” from its name as part of its rebranding strategy.

The Takeover Of Metastable Capital By Dragonfly

A pioneering digital currency hedge fund that overcame the industry’s challenges throughout the years, Metastable Capital, has been acquired by Dragonfly, a major crypto and blockchain venture capital firm launched in 2018.

One of the first hedge funds in the cryptocurrency space, Metastable Capital was co-founded in 2014 by Naval Ravikant. The company is said to have backed a number of well-known blockchain projects, including Ethereum (ETH), Avalanche (AVAX), Cosmos (ATOM), Starkware, Zcash (ZEC), Algorand (ALGO), and a number of others.

Metastable managed $400 million in assets as of July 31, 2022. With the successful purchase of Metastable, Dragonfly has now increased the number of ecosystem products it offers, including Dragonfly Ventures and Dragonfly Liquid, a liquid cryptocurrency fund with approximately $450 million in funding as of April 2022.

In addition to its most recent acquisition of Metastable, Dragonfly also finished its rebranding process by updating its appearance and feel in addition to other changes.

“It’s hard to build the future when you look like the past. That’s why we’re changing the way Dragonfly looks and feels. We’re dropping the ‘Capital’ from our name, and our new look is more crypto-native, inspired by the [whitehat] hackers and weirdos (we say with love!) who have built this industry from the ground up,” the team declared.

Despite The Crypto Winter, Acquisitions Continue

Acquisition deals and multimillion-dollar fundraisers have continued in the cryptocurrency space despite the devastating effects of the COVID-19 pandemic and the ongoing Russia-Ukraine war on the global economy, with experts predicting a gloomy and more uncertain future for the traditional finance ecosystem.

Earlier in April 2022, Dragonfly finished a $650 million venture fund deal. Invesco, Top Tier Capital, Tiger Global, Ivy League endowments, and Sequoia China are a few of the companies that took part in the oversubscribed fundraising event.

There have been other notable acquisitions during the crypto winter.

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F1’s Daniel Ricciardo cruises into crypto at Token2049

Formula 1 driver Daniel Ricciardo cruises into crypto as OKX performs a first-ever livery takeover of McLaren’s racing cars ahead of the Singapore and…

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Formula 1 driver Daniel Ricciardo cruises into crypto as OKX performs a first-ever livery takeover of McLaren’s racing cars ahead of the Singapore and Japan Grand Prix.

McLaren’s Australian driver Daniel Ricciardo sat down with Cointelegraph during the Token2049 conference in Singapore, discussing his recent involvement in crypto ahead of the 2022 Singapore Grand Prix.

Alongside OKX CMO Haider Rafique, the duo delved into the partnership between McLaren Racing and the crypto exchange, exploring a variety of entertaining marketing moves between the two brands.

Ricciardo featured in a new OKX advert launched earlier this year standing alongside the McLaren MCL36 F1 racing car while his “spirit animal” honey badger sat in the cockpit of the vehicle. The tongue-in-cheek advert highlights the relatively unknown status of the cryptocurrency world, which continues to seek avenues to drive wider adoption of the space.

As the first point of order, Ricciardo admitted that he’d first explored the world of cryptocurrencies in 2021 and told Cointelegraph that friends had first piqued his curiosity.

“Last year, I first got involved, I got my OKX wallet and it was really through a lot of curiosity. A lot of my friends were into it and then through the relationship with the team I got on board and I’m learning every day,” he explained. 

Formula 1 drivers are known for their propensity to push the boundaries in various aspects of their life and Ricciardo joked that his foray into crypto accelerated fairly quickly. The 33-year-old said he was trying to increase his knowledge of the space and saw the value of diversification that cryptocurrency markets offer:

“I was actually starting to get pretty involved to a point where a few people on my team were like ‘alright you’re spending a bit too much time on here.’ It’s great and I am certainly curious in terms of diversification and trying to understand more about the space.”

OKX, meanwhile, has explored creative marketing efforts through the multi-year partnership with McLaren, announcing a livery takeover for the next two stops on the F1 calendar. Bold, orange OKX branding is front and center for the Singapore and Japan Grand Prix races and Ricciardo believes the efforts will draw more fans into the world of cryptocurrencies.

Ricciardo said the new livery in Singapore and Japan is about “fan engagement” and bringing them on board. 

“OKX is at the forefront, like we are with Formula 1, trying to innovate and be forward-thinking. It’s cool, I think this it’s the first time this has been done with a livery takeover,” he said

Cointelegraph’s Gareth Jenkinson alongside F1 driver Daniel Ricciardo and OKX CMO Haider Rafique at Token2049 in Singapore.

Rafique highlighted synergies between the cryptocurrency industry and Formula 1, with the “velocity of innovation” from the sport in parallel with the speed at which the blockchain and cryptocurrency ecosystem has continued to develop:

“Ultimately the fun that we are all having comes from being creative together. Just with this livery the two design teams worked really closely together and we’re just so excited we got to work with the McLaren F1 team, with Daniel and now we have this amazing design that we’re excited for the world to see.”

Formula 1 marks its return to the Singapore street circuit for the first time since 2019. The build-up to the race has coincided with the Token2049 conference, with the street circuit slowly pieced together until full road closures took effect on Sept. 29. 

Before COVID-19, Ricciardo had enjoyed success at the track and hopes to emulate his previous podium finishes in the city:

“It’s good to be back, 2019 was the last time and I’ve always loved street circuits and before it's all up you’re on the track trying to figure it all out because it does look different when it’s not all put together. I’m really happy to be back, I’ve had some podiums here in the past so let’s just say I am coming in hot.”

Formula 1 continues to attract marketing and advertising deals with the biggest firms in the world of cryptocurrencies. OKX was the latest cryptocurrency exchange and trading platform to pen a deal with a major team, signing up as the primary partner of McLaren in May 2022.

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F1’s Daniel Ricciardo cruises into crypto at Token2049

Formula 1 driver Daniel Ricciardo cruises into crypto as OKX performs a first-ever livery takeover of McLaren’s racing cars ahead of the Singapore and…

Published

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Formula 1 driver Daniel Ricciardo cruises into crypto as OKX performs a first-ever livery takeover of McLaren’s racing cars ahead of the Singapore and Japanese Grand Prix.

McLaren's Australian driver Daniel Ricciardo sat down with Cointelegraph during the Token2049 conference in Singapore, discussing his recent involvement in crypto ahead of the 2022 Singapore Grand Prix.

Alongside OKX CMO Haider Rafique, the duo delved into a new partnership between McLaren Racing and the crypto exchange, exploring a variety of entertaining marketing moves between the two brands.

Ricciardo featured in a new OKX advert launched earlier this year standing alongside the McLaren MCL36 F1 racing car while his "spirit animal" honey badger sat in the cockpit of the vehicle. The tongue-in-cheek advert highlights the relatively unknown status of the cryptocurrency world, which continues to seek avenues to drive wider adoption of the space.

As the first point of order, Ricciardo admitted that he’d first explored the world of cryptocurrencies in 2021 and told Cointelegraph that friends had first piqued his curiosity.

“Last year I first got involved, I got my OKX wallet and it was really through a lot of curiosity. A lot of my friends were into it and then through the relationship with the team I got on board and I’m learning every day," he explained. 

Formula 1 drivers are known for their propensity to push the boundaries in various aspects of their life and Ricciardo joked that his foray into crypto accelerated fairly quickly. The 33-year-old said he was trying to increase his knowledge of the space and saw the value of diversification that cryptocurrency markets offer.

“I was actually starting to get pretty involved to a point where a few people on my team were like ‘alright you spending a bit too much time on here.’ It’s great and I am certainly curious in terms of diversification and trying to understand more about the space.”

OKX meanwhile has explored creative marketing efforts through the multi-year partnership with McLaren, announcing a livery takeover for the next two stops on the F1 calendar. Bold, orange OKX branding is front and center for the Singapore and Japan Grand Prix races and Ricciardo believes the efforts will draw more fans into the world of cryptocurrencies.

Ricciardo said the new livery in Singapore and Japan is about "fan engagement" and bringing them on board. 

"OKX is at the forefront, like we are with Formula 1, trying to innovate and be forward-thinking. It’s cool, I think this it’s the first time this has been done with a livery takeover," he said

Cointelegraph's Gareth Jenkinson alongside F1 driver Daniel Ricciardo and OKX CMO Haider Rafique at Token2049 in Singapore.

Rafique highlighted synergies between the cryptocurrency industry and Formula 1, with the "velocity of innovation" from the sport in parallel with the speed at which the blockchain and cryptocurrency ecosystem has continued to develop:

“Ultimately the fun that we are all having comes from being creative together. Just with this livery the two design teams worked really closely together and we’re just so excited we got to work with the McLaren F1 team, with Daniel and now we have this amazing design that we’re excited for the world to see.”

Formula 1 marks its return to the Singapore street circuit for the first time since 2019. The build-up to the race has coincided with the Token2049 conference, with the street circuit slowly being pieced together until full road closures took effect on Sept. 29. 

Before Covid-19, Ricciardo had enjoyed success at the track and hopes to emulate his previous podium finishes in the city:

“It’s good to be back, 2019 was the last time and I’ve always loved street circuits and before it's all up you’re on the track trying to figure it all out because it does look different when it’s not all put together. I’m really happy to be back, I’ve had some podiums here in the past so let’s just say I am coming in hot.”

Formula 1 continues to attract marketing and advertising deals with the biggest firms in the world of cryptocurrencies. OKX was the latest cryptocurrency exchange and trading platform to pen a deal with a major team, signing up as the primary partner of McLaren in May 2022.

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Next Bitcoin bull run to be half story, half utility — Mike Novogratz at Token2049

The next Bitcoin rally will require fast and scalable systems, which the community has yet to build, says Galaxy Digital CEO Mike Novogratz.

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The next Bitcoin rally will require fast and scalable systems, which the community has yet to build, says Galaxy Digital CEO Mike Novogratz.

The next Bitcoin (BTC) bull run will have to be much different from historical cryptocurrency rallies in terms of story and utility, Galaxy Digital CEO Mike Novogratz believes.

Compared with previous bull runs, the next Bitcoin rally will have to be more focused on utility and less on the story, Novogratz predicted during a panel at the Token2049 crypto event on Sept. 28.

The Bitcoin bull run of 2017, one of the biggest historical rallies, was mostly about the story, the CEO said, referring to the cryptocurrency’s run from about $1,000 to $20,000 within one year.

According to Novogratz, the 2017 bull run was primarily about the story of people not trusting the government and wanting more privacy and decentralization. “It was a Gen Z, millennial revolution, and it was global. That’s a powerful story,” the CEO noted.

Bitcoin hitting all-time highs above $69,000 in November 2021, another big rally, was “really generated” by the COVID-19 pandemic, Novogratz said. He suggested that the price action in 2020 and 2021 was “probably 80% story and 20% utility,” referring to the growing utility use case of digitalization amid the pandemic.

Mike Novogratz and Bloomberg's Haslinda Amin at Token2049. Source: Cointelegraph

“Ethereum and all the other level ones started really accelerating the work to build a shared blockchain that we could build companies on top of,” Novogratz stated.

In contrast to the aforementioned cryptocurrency bull runs, the next Bitcoin rally will have to be “50% story, 50% utility,” Novogratz predicted, stating:

“It’s people building applications, people building systems a) that are fast and scalable and b) that are user-friendly. We don’t have them yet — that’s why we’re where we are. But in the next few years, they’re coming.”

During the panel, Novogratz also revved up the audience with his bullish prediction of the “inevitability” that crypto will succeed.

“The word ‘inevitable’ keeps coming up. There’s a sense of inevitability that we’re in the right space, inevitable that Bitcoin will have its day,” Novogratz stated. He also expressed confidence that Web3 and nonfungible tokens will be a big part of the gaming space in the future.

Related: Bitcoin analyst who called 2018 bottom warns 'bad winter' may see $10K BTC

Additionally, the CEO noted that despite the ongoing cryptocurrency winter, Bitcoin has still performed better than a basket of various fiat currencies this year. “If you look at Bitcoin versus a basket of currencies, it’s done about 20% better than versus the dollar,” Novogratz noted.

As previously reported by Cointelegraph, Novogratz has made some successful predictions about Bitcoin. Back in 2020, Novogratz predicted that Bitcoin would end the year above $20,000, which turned out to be an understatement, with Bitcoin nearing the $30,000 price mark by the end of 2020.

Additional reporting by Andrew Fenton.

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